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Turley Foundation INC

Tax-deductible

Memphis, TN501(c)(3)EIN 62-1557849Revenue $538K in FY2025

On file with the IRScfgm.org1900 Union Ave, 38104-4029 · Memphis, TNTax-exempt since Apr 1994Supporting organization — 509(a)(3)

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The primary exempt purpose of the organization is to assist the Community Foundation of Greater Memphis, Inc. in carrying out its charitable mission.

501(c)(3) charity; gifts are tax-deductible.
99¢ of each $1 spent went to programs.
Run by 2 volunteers.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2025 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 5
filings with a surplus
Average surplus $182K a year · 16% of revenue · last 5 filings
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
99%
of spending
Looks good: 99% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Concern: -2.1 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
2
of 5 voting members
Worth a look: 2 of 5 voting members are independent, under half.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$538K
+18% vs prior year
Spent
$2.3M
To programs
99%
Net assets
$57.9M
By yearFY2021–FY2025
Revenue
$538K
FY2025▲ +18%
Tap a bar for its year
Revenue by fiscal year
FY2021$581K
FY2022$2.1M
FY2023$1.9M
FY2024$456K
FY2025$538K
Expenses
$2.3M
FY2025▲ +287%
Tap a bar for its year
Expenses by fiscal year
FY2021$298K
FY2022$887K
FY2023$624K
FY2024$582K
FY2025$2.3M
Net assets
$57.9M
FY2025▲ +5%
Tap a bar for its year
Net assets by fiscal year
FY2021$50.2M
FY2022$43.7M
FY2023$44.6M
FY2024$55.2M
FY2025$57.9M

From the FY2025 Form 990 (year ending April 2025) · see the original

Give Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Apr 1994.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

99 cents of each dollar spent went to programs.

Program services 99% · $2.2M Management & general 1% · $32K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

5 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Turley Foundation INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Supports a community foundation's charitable work.

Questions for Turley Foundation INC

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Provided by the organization

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1 program · $2.2M · in their own filed words · FY2024
01

The foundation's only program is to accept property for use exclusively for religious, charitable, scientific, literary, or educational purposes primarily in and for the benefit of memphis and shelby county.

$2.2Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking
Grants paid · 70 grants · $3.0M · 2020–2024
Church Health Center of Memphis INCTN · FY2024$500,000
Memphis Brooks Museum of Art INCTN · FY2024$250,000
Habitat for Humanity of Greater MemphisTN · FY2024$250,000
Bridges USA INCTN · FY2024$125,000
New Memphis InstituteTN · FY2024$30,000
SoulsvilleTN · FY2024$25,000
Emmanuel Episcopal CenterTN · FY2024$25,000
Protect Our AquiferTN · FY2024$20,000
New Ballet EnsembleTN · FY2024$20,000
Clean Memphis OrganizationTN · FY2024$20,000
Memphis Teacher Residency INCTN · FY2024$15,000
Hattiloo TheatreTN · FY2024$15,000
St John's United Methodist ChurchFY2024$13,000
Teach for America INCNY · FY2024$10,000
Boy Scouts of America INC 558 Chickasaw CouncilTN · FY2024$10,000
Lorraine Civil Rights Museum FoundationTN · FY2023$100,000
Church Health Center of Memphis INCFY2023$32,400
New Memphis InstituteTN · FY2023$30,000
See all 70 grants →

By the numbers

The FY2025 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$538K
Ln 12
Gifts and grantsLn 1h$731K
Investment incomeLn 3$593K
Money outPt IX
$2.3M
Ln 25
Programscol B$2.2M
Managementcol C$32K
Owns and owesPt X
$57.9M
net assets · Ln 32
Cash and savingsLn 1–2−$396K
Total assetsLn 16$57.9M
LiabilitiesLn 26$0
PeoplePt VI, VII
5
listed · VII A
PaidVII A0
Voting boardVI 1a5
IndependentVI 1b2
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$731K
Investment incomeLn 3$593K
Gains on assetsLn 7−$785K
Total revenueLn 12$538K
Assets in detailPt X, end of year
CashLn 1−$396K
Cash and savings togetherLn 1–2−$396K
InvestmentsLn 11–13$58.3M
Total assetsLn 16$57.9M
LiabilitiesLn 26$0
Net assetsLn 32$57.9M
OperationsPt I, VI
EmployeesI 50
VolunteersI 62
Fiscal year endsHeaderApril
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY25End FY25
Cash and savingsLn 1–2−$140K−$396K
InvestmentsLn 11–13$55.4M$58.3M
Total assetsLn 16$55.2M$57.9M
LiabilitiesLn 26$0$0
Net assetsLn 32$55.2M$57.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$2.1M$2.1M
Management feesLn 11a$108K$108K
Accounting feesLn 11c$3K$3K
Investment management feesLn 11f$28K$28K
Other expenses (24a–d)Ln 24$1K$1K
Total functional expensesLn 25$2.3M$2.2M$32K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $538K$2.3M−$1.7M$57.9M 990 PDF
FY2024 $456K$582K−$126K$55.2M 990 PDF
FY2023 $1.9M$624K$1.3M$44.6M 990 PDF
FY2022 $2.1M$887K$1.2M$43.7M 990 PDF
FY2021 $581K$298K$283K$50.2M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2025 990 (6 parts)
Part I · Summary $538,439 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$730,548
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $456,251−$192,109
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $456,251$538,439
I-13 Grants and similar amounts paidPrior year $452,300$2,114,000
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $130,096$140,117
I-18 Total expensesPrior year $582,396$2,254,117
I-19 Revenue less expensesPrior year −$126,145−$1,715,678
Part VI · Governance 2 of 5 board members independent, 1 to look at
VI-1a Voting members of the governing body5
VI-1b Independent voting members2
VI-2 Family or business relationship among officers or directorsYes
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $538,439 across 5 lines filed
VIII-1f All other contributions, gifts and grants$730,548
VIII-1h Total contributions, gifts and grants$730,548
VIII-3 Investment incomeExcluded from tax $593,343$593,343
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$785,452−$785,452
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax −$192,109$538,439
Part IX · Statement of functional expenses $2,254,117 across 5 lines filed
IX-1 Grants to domestic organizationsPrograms $2,114,000$2,114,000
IX-11a Management feesPrograms $108,142$108,142
IX-11c Accounting feesManagement $3,141$3,141
IX-11f Investment management feesManagement $27,516$27,516
IX-24 Other expenses (24a–d)Management $1,318$1,318
IX-25 Total functional expensesPrograms $2,222,142 · Management $31,975 · Fundraising $0$2,254,117
Part X · Balance sheet $57,865,864 assets, 7 lines filed
X-1 Cash, non-interest-bearingStart of year −$140,229−$395,832
X-11 Publicly traded securitiesStart of year $55,358,217$58,261,696
X-16 Total assetsStart of year $55,217,988$57,865,864
X-26 Total liabilitiesStart of year $0$0
X-27 Net assets without donor restrictionsStart of year $55,217,988$57,865,864
X-32 Total net assets or fund balancesStart of year $55,217,988$57,865,864
X-33 Total liabilities and net assetsStart of year $55,217,988$57,865,864
Part XI · Reconciliation of net assets $57,865,864 net assets at year end
XI-1 Total revenue$538,439
XI-2 Total expenses$2,254,117
XI-3 Revenue less expenses−$1,715,678
XI-4 Net assets at start of year$55,217,988
XI-5 Net unrealized gains (losses) on investments$4,363,554
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$57,865,864

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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